Learn how to get a Personal Loan for CIBIL score of 650 and above
Organising funds to meet the various expenses that crop up in life can be challenging. However, you can rely on financial assistance offered by banks to help you monetarily. A Personal Loan can help you meet every need, be it financing a significant event, or handling an emergency. However, while applying for a Personal Loan, your CIBIL Score is crucial. Read on to learn how to get a Personal Loan for CIBIL score of 650 and above.
Your credit score or CIBIL (Credit Information Bureau Limited) score is a 3-digit numerical figure, ranging between 300 and 900 points. It reflects your credit history, which is compilations of information that can help lenders ascertain your creditworthiness. Your credit history is determined based on your credit borrowing and repayment history, among other things.
When you apply for a Personal Loan, lenders ask for your credit report, also called the CIBIL report. Since Personal Loans are collateral-free unsecured loans, lenders need assurance that you have the capacity to repay the loan amount in a timely fashion. They can get this assurance by assessing your previous credit repayment behaviour.
Most lenders in India consider a CIBIL score of 600+ a decent score to evaluate your creditworthiness. As such, obtaining a Personal Loan for CIBIL score of 650 and above makes availing of loans incredibly easy.
If you do not have the necessary CIBIL score, you can get a Personal Loan for CIBIL score of 650 and above by doing the following things.
Despite having not having a good credit score of 600+, you can apply for a loan. Certain banks and financial institutions do offer Personal Loans to applicants with a lower credit score. To compensate for your credit rating, they might charge you a higher rate of interest or ask you to provide collateral. Simply ensure that you meet the minimum CIBIL score for a Personal Loan set by lenders before approaching them.
DBS Bank offers Personal Loan for CIBIL score of 650 and above. You can apply for these loans with utmost ease. Get high-value loan amounts at attractive interest rates with easy repayment options.
Download the digibank mobile app on your smartphone. Launch the app and click on the "Get Personal Loan" link on the login page. Also, you can open bank account online with us.
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.